Helguera, who has agreed a three-year contract with Valencia, had been at the Bernabeu for the last eight seasons after joining from Espanyol and had a contract with Real until 2009.
A statement on the Real Madrid website read: "Real Madrid and Ivan Helguera have reached a deal that will put an end to his professional relationship with the club. Real Madrid would like to thank the dedication, commitment, effort, and work exhibited by Ivan over his brilliant career with Real Madrid."
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